CDP Saver bridges MakerDAO and Compound protocols

June 26, 2019

We first introduced CDP Saver back in March during an open test on the Kovan testnet, after a couple of months of planning, design and development. Our initial idea was to build an app providing advanced features for MakerDAO CDP users, including automated protection from liquidation.

Having collected feedback and gauged interested, we realized that basically every single CDP user would love to have the features we announced. We decided to move faster, got to work and released to mainnet a few weeks later. Although our brand name feature still hasn’t been rolled out, CDP Saver has been well accepted by the MakerDAO community. This is mostly because of our Boost and Repay options where we already saw over $2,000,000 worth of ETH and Dai moved through the application in May according to Kyber Network’s latest ecosystem report.

However, back in April when we first released on the mainnet, we had already spent more than a few months developing in the DeFi space and we realized just how quickly the whole ecosystem was growing. It really wasn’t difficult to recognize that the future of DeFi was not going to be a single protocol, but rather a collection of them. We quickly decided to expand our focus and start working on interactions among different protocols.

Compound was our first choice and we were standing by for launch of Compound v2 to get in on the action.

makerdao and compound integration illustration

Integrating MakerDAO and Compound

As soon as v2 launched we laid down the plans and we are very happy to say that CDP Saver now includes Compound support.

This means that you can now manage your lending and borrowing portfolios in CDP Saver just like you would using the Compound dashboard. What’s cool about CDP Saver is that it’s completely interoperable with the Compound dashboard, meaning you can freely switch between using either of the two as you wish. We don’t have plans of creating separate proxy contracts in order to try and lock users into our app or anything along those lines.

We also put a lot of effort into compatibility with different wallets and CDP Saver has built-in support for good old MetaMask, hardware wallets (Ledger and Trezor), as well as mobile wallets, meaning you can use it to manage your Compound portfolios with any of the mobile wallet-browsers (Status, Opera, Coinbase and Trust). A lot of work has gone into creating a simple, functional UI that’s easy on the eyes while showing all the important numbers and we hope it shows and you enjoy it.

However, the most interesting part about our Compound integration are the direct interactions between MakerDAO CDPs and Compound portfolios called Supply to CDP and Supply from CDP.

The first feature, Supply to CDP, allows you borrow Dai from Compound and use it to repay part of your CDP debt. We wrapped this two step process into a single transaction, reducing gas spending and making it quick and simple to complete. Users who are in danger of getting their CDP liquidated can easily use their Compound savings as a means of rescue.

compound supply to cdp screenshot

On the other hand, Supply from CDP lets you generate Dai from your CDP and add it to your Compound lending portfolio, with both actions again wrapped in a single transaction. This essentially allows users to draw cDai directly from their CDP instead of the plain old Dai. Both of these features allow users to more easily move back and forth between the two protocols, which we believe could allow the overall DeFi ecosystem to balance out more evenly.

This is just the beginning and we have more features planned for both Compound and MakerDAO users and we invite you to follow us on Twitter @CDPSaver for all news and announcements.

In case you haven’t tried CDP Saver yet, we’d love to see you at CDPSaver.com. We also love hearing all feedback, so please feel free to get in touch with us via email, Discord or Twitter.

Note: CDP Saver has been rebranded to DeFi Saver in the meantime and is now available at https://defisaver.com. Trying to open CDPSaver.com will forward you to DeFiSaver.com, so please don’t be concerned by that. The twitter handle has also been updated to @DeFiSaver.

Nikola Janković